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The McClellan Oscillator is a very popular market breadth indicator often used by traders to gauge the general market sentiment. This indicator is derived from the Advance-Decline Line, which is simply the difference between the number of stocks that closed higher minus the number of stocks that closed lower.
The McClellan Oscillator main interpretations are as follows:
- When the McClellan Oscillator is positive, it generally means that the market is attracting money; when it is negative, market is repelling money.
- When the McClellan Oscillator reaches a very high value, this indicates that the market is overbought, when it falls at a very low value, this indicates that the market is oversold.
The McClellan Summation Index is the daily addition of the McClellan Oscillator, and it is mainly used for intermediate and long-term interpretation of the direction and strength of the stock market.
The daily historical data of these two breadth indicators as well as the NYSE McClellan volume summation index are downloaded by this item. Only the last 6 months data is available.
Three symbols will be added to your symbols database:
^mcc_ad_osc: NYSE McClellan Advance-Decline Oscillator
^mcc_ad_summation: NYSE McClellan Advance-Decline Summation Index
^mcc_volume_summation: NYSE McClellan Volume Summation Index
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